For most college seniors, the final year of school is spent polishing theses, grabbing those last drinks at campus bars with friends and fulfilling last-minute graduation requirements.
And, of course, the ever-daunting task of finding a job continually plagues many seniors. But with the economy in its present state, some students are more intimidated than ever by that prospect.
The events of Sept. 11 intensified the nation's already existing economic slump, and now, as unemployment rises and consumer spending wanes, achieving success in the nation's current job market seems considerably tougher than it has been in recent years.
But most members of Penn's Class of 2002 aren't giving up just yet. Career Services has witnessed little change -- a slight increase, in fact -- in student use of their resources.
"We haven't seen a drop in our services, by any means," Career Services Director Patricia Rose said. "If anything, we're seeing more students. We're extraordinarily busy."
But while student interest in Penn's career resources is still booming, company interest has decreased as firms cut costs by eliminating some entry level positions.
"Will students find enough jobs? Probably not, because there just aren't as many jobs out there as there have been before," Rose said.
The sluggish economy has produced an especially widespread panic among Wharton students, many of whom forego graduate school to enter the job market immediately after graduation.
Wharton senior Clare Ferraro said she used Career Services last year to find her summer internship with the investment firm Lehman Brothers in New York, which subsequently offered her a full-time job after graduation. When the economy took a turn for the worse, she decided to accept the offer before it was too late.
"I had an epiphany," Ferraro said. "I knew I wasn't going to get another job like this. I didn't want to risk it."
This academic year has seen a nationwide increase in graduate school applications, especially to law schools. Penn is no exception, boasting a 70 percent increase in Law School applications this year.
"A lot of my friends are considering other options now, like grad school," Ferraro said, adding that she has noticed a significant decline in company recruitment efforts on campus. "They've submitted resumes to companies and had interviews, but jobs just haven't panned out. There's no one hiring. It's really tough."
Rose said that the students who are taking advantage of Penn's career counseling services are especially concerned about the slowing economy, its precarious drop since the terrorist attacks and the fact that fewer employers are coming to campus and are hiring fewer students.
"Students are trying to be realistic, trying to maximize opportunities and trying to re-adjust expectations," she said, adding that she expects job offers to come through later than usual, and that there will be fewer jobs to choose from.
Most job-seeking seniors are well aware of the potential lack in entry-level job openings.
"If companies are taking anyone, they're only taking one person," said Daniel Robinson, a Wharton senior who has used Career Services to apply for jobs in real estate. "Even if you get through the first, second and final rounds, chances of getting the job are pretty slim."
According to Rose, the number of companies that participated in Career Link dropped from 120 last year to a little over 100, and the number of companies that showed up at Engineering Career Awareness Day dropped from nearly 120 last year to 90.
She added, however, that many companies could not attend the career fairs -- both of which took place in early October -- because they were banned from non-essential travel.
While the events of Sept. 11 further weakened the nation's economy, neither the terrorist attacks in New York and Washington nor the current nationwide anthrax scares seem to be deterring students from pursuing jobs in possible target locations, Rose said.
"It's not something we're hearing from students," she said, explaining that students are just as eager as before to work in New York. "Twenty-five percent of our students are from the New York area. It's their home."
While Career Services are as busy as ever, several students have decided not to use the resources this year.
"If you want a job outside the mainstream, Career Services doesn't help you at all," College senior Aaron Cohen said.
Cohen, after considering many options in light of the ailing economy, said he plans to spend a year in Italy after graduation.
"I'd been interested in applying to law school, but with the economy in its current state, it seems like everyone's doing that now," Cohen said. "I want to do something different."
